Altcoins
Cardano Price Needs to Clear Major Hurdle at $0.2785 for a Bullish Breakout
Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.
Fundamentals
Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.
The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.
Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after this week’s Federal Reserve policy meeting, which concluded Wednesday. In the meeting, the central bank announced that it would leave interest rates unchanged for now but indicated that another rate is likely this year, in line with market expectations.
The Bank of England and the Swiss National Bank announced the end of their respective interest rate hike campaigns on Thursday. Even so, the banks reiterated that further increases and more sustained higher rates are on the table. The Bank of Japan announced on Friday that it would hold its interest rates at -0.1% while maintaining its outlook and yield curve control policy.
Cardano Price Technical Analysis
The daily chart shows that the Cardano price has been on a consistent bearish trend for the past few weeks, forming a descending channel along the way. The digital currency has failed to clear the crucial level of $0.2785 above the 50-day EMA. The ADA price remains below the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages.
Its Relative Strength Index (RSI) is slightly below the signal line, while the Moving Average Convergence Divergence (MACD) indicator remains bullish. The Bollinger bands have narrowed with the upper band slightly below the 50-day EMA, suggesting a decline in market volatility.
Therefore, the Cardano price is likely to maintain its bearish stance in the immediate term as bears take full control. The next support levels to watch will be $0.2380 and $0.2205. However, a move above the upper Bollinger band at $0.2605 might pave the way for an increase to the next resistance level of $0.2785.
Altcoins
Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Altcoins
Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Altcoins
Solana Price Breaches $60 Amid a Symphony of Bullish Indicators
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
-
Blogs6 years ago
Bitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years ago
Another Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years ago
Standard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs7 years ago
Electroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years ago
Ripple’s five new partnerships are mouthwatering
-
Blogs6 years ago
Cryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years ago
Ethereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years ago
Is Litecoin (LTC) Changing Its Game Plan By Going For Mass Adoption?